The conglomerate maintains that the EPC contractor is not a related party, but there are multiple trails linking it with its promoters.
When Deloitte Haskins and Sells issued a qualified opinion as part of its audit of Adani Ports and Special Economic Zone’s results for the March quarter of fiscal 2022-23, it stated that it was unable to determine whether an engineering, procurement and construction, or EPC, contractor engaged by the company was a related party. It added that the question was prompted by allegations in the report of US-based short-seller Hindenburg Research, published on 24 January.
From the audit report:
The Company [APSEZ] has entered into Engineering, Procurement and Construction (EPC) purchase contracts substantially with a fellow subsidiary (“Contractor”) of a …
Paranjoy is a writer, speaker, anchor, interviewer, teacher and commentator. His main areas of interest are the workings of the political economy and the media in India and the world, on which he has authored/co-authored books and directed/produced documentary films.
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Ravi is a journalist affiliated with the Organized Crime and Corruption Reporting Project and the lead author of “Rafale Deal: Flying Lies? The Role of Prime Minister Narendra Modi in India's Biggest Defence Scandal”, co-authored by Paranjoy Guha Thakurta.
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Abir is an independent journalist based in New Delhi. He investigates corruption and white-collar crime, with a focus on finance, infrastructure, energy and the environment.
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